May 9 - Decreasing Q1 2012 sales for Grevenmacher, Luxembourg-based project cargo forwarder Logwin Group have been exacerbated by the high costs of transportation the company has seen in the same quarter, according to its quarterly results.
The Group generated sales of EUR329.9 million (USD426.3 million) in Q1 2012, a decrease of 1.9 percent over last year's figure of EUR336.3 million (USD434.3 million).
The Logwin Group concluded the first quarter of 2012 with a net result of EUR2.9 million (USD3.7 million) (2011: EUR3.4 million / USD4.3 million).
Berndt-Michael Winter, chairman of the executive committee and CEO of Logwin, says: "We cannot be satisfied with the result in the first quarter. Performance at Solutions was disappointing due to the extremely high costs of transport and it did not come up to our expectations. We will therefore get the business segment on track through targeted measures aimed at reducing administrative costs and increasing operational efficiency."
The Logwin Group assumes that there will be continued recovery in the German and global economies in the current year which should have a positive effect on business volumes and consequently on sales.